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News Brief

April 20, 1999
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Swiss voters approved a new constitution Sunday that eliminates the requirement that the country’s currency be backed by gold. The vote clears the way for the Swiss government to sell some of its gold reserves to create a $5 billion foundation to help victims of genocide, war and natural disasters. The foundation was first proposed in 1997, when the Alpine nation was confronting charges of engaging in financial complicity with Nazi Germany, but it is now unclear whether any of the foundation’s moneys will be used to help Holocaust victims.

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